If an Increase in the Price of a Product from $1

question 97

Multiple Choice

If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then according to the averaging equation, the value of price elasticity of demand in absolute terms is:

• A) 0.33.
• B) 2.33.
• C) 0.25.
• D) 3.

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Definitions:

Clinical Interview

A research method in which questions are tailored to the individual, with each question depending on the answer to the preceding one.

Microgenetic Design

A research method that involves the detailed and frequent observation and analysis of changes in a behavior or ability as it is being learned, capturing the process of learning or development.

Developmental Change

Transformations or transitions in the physical, cognitive, social, and emotional domains of an individual across their lifespan.

+.50 Correlation

A statistical measure that indicates a moderate positive relationship between two variables, meaning as one variable increases, the other variable tends to also increase to some extent.